EURUSD stuck in a 50 pip range over the last 3 or so days

Technical Analysis

Author: Greg Michalowski | eurusd

Actually 51 pips...

The EURUSD has been stuck in a 50 (or so) pip trading range since midday on Wednesday of last week. The high was today at 1.11355. The low reached 1.10843 (on Friday).  

Actually 51 pips...

Technically, the low from Friday traded to a new low going back to December 26, but could not take out the swing low from that day at 1.10818. The low for the day reach 1.10843 and bounced (and bounced again just ahead of that low - see chart above).  The run back higher has seen the price trade above and below its 100 hour moving average (blue line) currently at 1.11207. However, the high fell short of its 200 day moving average at 1.11374 (the high reached 1.11355/2 pips short of that MA line). 

So buyers leaned against support target at the low (swing low from December 26), and sellers leaned against resistance target at the high (200 day MA).  

It will take a move outside of that range to get traders more excited.  In between sits the 100 hour moving average which the market is ignoring. Below that level, key on the 1.1110 area. The last few days has seen some swing moves at that level (see red numbered circles). A break below today (it is near the low today) would tilt the bias more to the downside.  

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